Cushman & Wakefield Represents RPW Group In $46.6 Million Sale Of White Plains And Stamford Office Buildings To SL Green
5 Feb, 2007, Rye Brook, NY
399 Knollwood Road in White Plains and 300 Main St. in Stamford achieve record sale prices
Rye Brook, NY - February 5, 2007 - Commercial real estate services firm Cushman & Wakefield announced today the completion of the combined $46.6 million sale of the Crosswest Office Center at 399 Knollwood Road in White Plains and 300 Main Street in Stamford. RPW Group of Rye Brook, NY sold the properties to Manhattan-based SL Green.
Crosswest Office Center, a four-story, 146,125 square foot building, sold for $31.6 million. The property is 98% leased to a tenant roster of approximately 45 companies ranging in size from 1,000 to 12,000 square feet. Constructed in 1986, the building is located at the intersection of Knollwood Road (Route 100 A) and exit 4 of Interstate 287.
300 Main Street, an eight-story, 85,000 sf office/retail property in downtown Stamford, sold for $15 million. Built in 1927 and fully renovated by RPW Group in 2003, the property is more than 90% occupied to a tenant roster than includes Wachovia Bank and the headquarters of Elizabeth Arden.
Andrew Merin, vice chairman and Patrick Colwell, senior director, of Cushman & Wakefield?s Metropolitan Area Capital Markets Group, together with Glenn Walsh, senior director in Cushman & Wakefield?s Westchester County office, handled the marketing of property and procurement of the purchaser.
"The sale of Crosswest Office Center and 300 Main Street offered a highly attractive combination of location, quality, stable proven income, and long term investment value," said Mr. Merin.
"Both of these properties have above 90% occupancy, proving their combined tenant appeal," said Mr. Colwell. "The pricing achieved for both properties demonstrates the continued demand for well located office buildings in Westchester and Fairfield counties."
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm's Web site at www.cushmanwakefield.com.
# # #